Advertisement
Advertisement

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 7th, 2021

By:
Bob Mason
Updated: May 7, 2021, 00:51 UTC

Its a mixed start to the day for the majors, Failure to move back through early highs would the majors under pressure for a second day.

Depositphotos_192431198_s-2019 (1)

Ethereum

Ethereum fell by 1.05% on Thursday. Partially reversing an 8.96% rally from Wednesday, Ethereum ended the day at $3,492.75.

It was a mixed start to the day. Ethereum fell to a mid-morning intraday low $3,381.11 before making a move.

Steering clear of the first major support level at $3,308, Ethereum rallied to a late afternoon intraday high and a new swing hi $3,610.91.

Ethereum broke through the first major resistance level at $3,651 before a pullback to sub-$3,410 levels.

Finding late support, Ethereum moved back through to $3,540 levels before easing back.

At the time of writing, Ethereum was down by 0.37% to $3,479.80. A mixed start to the day saw Ethereum rise to an early morning high $3,500.21 before falling to a low $3,479.14.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 070521 Hourly Chart

For the day ahead

Ethereum would need to move back through the $3,495 pivot to bring the first major resistance level at $3,609 into play.

Support from the broader market would be needed, however, for Ethereum to break out from $3,550.00 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s new swing hi $3,610.91 would likely cap any upside.

In the event of another breakout, Ethereum could test resistance at $4,000. The second major resistance level sits at $3,725, with the third major resistance level at $3,955.

Failure to move back through the $3,495 pivot would bring the first major support level at $3,379 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,200 levels. The second major support level at $3,265 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,379

Pivot Level: $3,495

First Major Resistance Level: $3,609

23.6% FIB Retracement Level: $2,778

38.2% FIB Retracement Level: $2,262

62% FIB Retracement Level: $1,429

Litecoin

Litecoin fell by 0.58% on Thursday. Partially reversing a 16.70% rally from Wednesday, Litecoin ended the day at $354.44.

A bullish start to the day saw Litecoin rally to an early morning intraday high $365.20 before hitting reverse.

Falling short of the first major resistance level at $377, Litecoin slid to a late afternoon intraday low $321.84.

Steering clear of the first major support level at $318, Litecoin briefly revisited $359 levels before easing back into the red.

At the time of writing, Litecoin was down by 1.20% to $350.18. A mixed start to the day saw Litecoin rise to an early morning high $355.00 before falling to a low $350.00.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 070521 Hourly Chart

For the day ahead

Litecoin would need to avoid the $347 pivot to support a run at the first major resistance level at $373.

Support from the broader market would be needed, however, for Litecoin to break back through to $370 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $400. The second major resistance level sits at $391.

Failure to avoid a fall through the $347 pivot would bring the first major support level at $329 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$300. The Second major support level at $304 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $329

Pivot Level: $347

First Major Resistance Level: $373

23.6% FIB Retracement Level: $250

38.2% FIB Retracement Level: $207

62% FIB Retracement Level: $138

Ripple’s XRP

Ripple’s XRP fell by 0.68% on Thursday. Following a 16.17% breakout on Wednesday, Ripple’s XRP ended the day at $1.60424.

A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $1.7647 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $1.7044 before sliding to a late afternoon intraday low $1.5400.

Finding support at the 23.6% FIB of $1.5426, Ripple’s XRP revisited $1.65 levels before falling back into the red.

At the time of writing, Ripple’s XRP was down by 0.74% to $1.59229. A mixed start to the day sw Ripple’s XRP rise to an early morning high $1.61049 before falling to a low $1.58197.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 070521 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $1.6363 pivot to bring the first major resistance level at $1.7326 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.70 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $1.7647 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $2.00. The second major resistance level sits at $1.8610.

Failure to move through the $1.6363 pivot would bring the 23.6% FIB of $1.5426 and the first major support level at $1.5079 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $1.4116.

Looking at the Technical Indicators

First Major Support Level: $1.5079

Pivot Level: $1.6363

First Major resistance Level: $1.7326

23.6% FIB Retracement Level: $1.5426

38.2% FIB Retracement Level: $1.2807

62% FIB Retracement Level: $0.8573

Please let us know what you think in the comments below.

Thanks, Bob

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

Did you find this article useful?

Advertisement